Property is purchased at an initial cash flow yield of 10%. Net cash flow is going to grow at 2% per year. Property will be sold after 5 years at a terminal cash flow yield of 12%, based on year 6 projected cash flow (also 2% more than year 5). Suppose the first year net cash flow is 1 million. How much of the IRR is due to cash flow change?

Group of answer choices

2.00%

1.60%

3.20%

-1.04%